Portfolio

HLEND seeks to build a diversified portfolio of senior secured private credit investments in resilient, market-leading, upper-middle market companies that operate primarily in non-cyclical sectors.

Data as of June 30, 2025

$20.8B

Investments at Fair Value

10.0%

Portfolio Yield at Fair Value1

91%

Private Investments2

97%

First Lien Exposure3

99%

Floating Rate4

$235M

Weighted Average EBITDA5

Portfolio Companies89

Clear Filters
Company Name
Industry
Investment Type
Reference Rate & Spread11
Par Amount (thousands)
Amortized Cost (thousands)
Fair Value (thousands)
% of Total Portfolio
Global Music Rights, LLC Media 1st Lien Senior Secured Debt SF + 4.75% $485,963 434,674 434,128 2.09%
ULTRA III, LLC (Unitranche Holdings III, LLC) Investments in Joint Ventures Joint Ventures $550,000 303,997 323,788 1.56%
Severin Acquisition LLC (Powerschool Holdings, LLC) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.00% (incl 2.25% PIK) $365,969 307,991 309,673 1.49%
CCI Buyer, Inc. (Consumer Cellular) Telecommunications Service Providers 1st Lien Senior Secured Debt SF + 5.00% $327,372 300,774 301,260 1.45%
PerkinElmer U.S. LLC (PerkinElmer) Medical Equipment and Services 1st Lien Senior Secured Debt SF + 4.75% $238,774 234,634 241,034 1.16%
Azurity Pharmaceuticals Inc (Azurity Pharmaceuticals) Pharmaceuticals and Biotechnology 1st Lien Senior Secured Debt SF + 7.00% $254,908 238,131 237,265 1.14%
AB Centers Acquisition Corporation (Action Behavior Centers LLC) Health Care Providers 1st Lien Senior Secured Debt SF + 5.00% $256,368 218,231 223,670 1.08%
WP CPP Holdings, LLC (Consolidated Precision Products) Aerospace and Defense 1st Lien Senior Secured Debt SF + 7.25% (incl 4.00% PIK) $203,632 200,227 207,265 1.00%
IRI Group Holdings, Inc. (Circana Group, LP.) Software and Computer Services 1st Lien Senior Secured Debt SF + 4.50% $206,163 204,567 206,120 0.99%
SW INGREDIENTS HOLDINGS, LLC (Spice World) Food Producers 1st Lien Senior Secured Debt SF + 5.00% $248,956 199,089 199,096 0.96%
Advarra Holdings, Inc. (Advarra, Inc.) Pharmaceuticals and Biotechnology 1st Lien Senior Secured Debt SF + 4.50% $201,358 193,675 197,351 0.95%
DIA Finance S.L.U. (Distribuidora Internacional de Alimentación, S.A.) Personal Care, Drug and Grocery Stores 1st Lien Senior Secured Debt E + 6.75% € 170,600 173,075 195,651 0.94%
MB2 Dental Solutions, LLC Health Care Providers 1st Lien Senior Secured Debt SF + 5.50% $244,358 192,066 193,692 0.93%
Armstrong Bidco Limited (Access Group) Software and Computer Services 1st Lien Senior Secured Debt SN + 5.00% £139,986 166,607 191,686 0.92%
Guidehouse Inc. Industrial Support Services 1st Lien Senior Secured Debt SF + 5.00% (incl 2.00% PIK) $189,852 187,963 189,323 0.91%
Solis Mammography Buyer, Inc. (Solis Mammography) Medical Equipment and Services 1st Lien Senior Secured Debt SF + 5.00% $253,462 188,441 188,442 0.91%
Onesource Virtual, Inc. Software and Computer Services 1st Lien Senior Secured Debt SF + 4.75% $180,375 178,163 182,179 0.88%
Coding Solutions Acquisition, Inc. (CorroHealth) Medical Equipment and Services 1st Lien Senior Secured Debt SF + 5.00% $238,494 175,802 179,902 0.87%
Zendesk Inc (Zendesk, Inc.) Software and Computer Services 1st Lien Senior Secured Debt SF + 5.00% $217,430 169,923 172,509 0.83%
Capripack Debtco PLC (Constantia) General Industrials 1st Lien Senior Secured Debt E + 5.75% (incl 2.50% PIK) € 142,957 148,749 167,850 0.81%
Knitwell Borrower LLC (Knitwell) Retailers 1st Lien Senior Secured Debt SF + 7.75% $169,274 166,381 166,734 0.80%
Spruce Bidco II Inc (Vantive) Medical Equipment and Services 1st Lien Senior Secured Debt SF + 5.00% $209,763 162,904 162,240 0.78%
Auditboard, Inc. Software and Computer Services 1st Lien Senior Secured Debt SF + 4.75% $189,286 157,369 159,795 0.77%
Gusto Aus Bidco Pty Ltd (iNova Pharmaceuticals) Pharmaceuticals and Biotechnology 1st Lien Senior Secured Debt B + 4.75% AUD 267,618 155,898 159,140 0.77%
Kryptona Bidco US, LLC (Kyriba) Software and Computer Services 1st Lien Senior Secured Debt SF + 6.25% (incl 3.38% PIK) $156,679 153,833 153,617 0.74%

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Footnotes

  1. Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts and less any annual amortization of premiums, as applicable, on accruing (i) debt and (ii) other income producing securities, divided by (b) total accruing (i) debt and (ii) other income producing securities (at fair value). Actual yields earned over the life of each investment could differ materially from the yields presented above. Please refer to HLEND’s prospectus and filings, including Form 10-Q or Form 10-K for fair value disclosures.
  2. Private Investments represents level 3 investments in the investment portfolio where inputs to the valuation methodology are unobservable and significant to overall fair value measurement. Private investments includes investments in joint ventures.
  3. Based on the aggregate fair value of the investment portfolio as of June 30, 2025.
  4. Percentage based on aggregate fair value of accruing debt.
  5. Calculated with respect to all level 3 investments (or, with respect to weighted average loan to value, all level 3 debt investments) in the investment portfolio for which fair value is determined by the Investment Adviser (in its capacity as the investment adviser of HLEND, with assistance, at least quarterly, from a third-party valuation firm, and overseen by HLEND’s Board of Trustees), and excludes quoted assets and investments in joint ventures. In the case of weighted average EBITDA only, excludes investments with no reported EBITDA or where EBITDA, in the Investment Adviser’s judgement made in its discretion, was not a material component of the original investment thesis, such as loan-to-value-based loans, NAV-based loans or reorganized equity. Weighted average EBITDA is weighted based on the fair value of the total applicable level 3 investments. Loan to value is calculated as net debt through each respective investment tranche in which HLEND holds an investment divided by enterprise value or value of underlying collateral of the portfolio company. Weighted average loan to value is weighted based on the fair value of the total applicable level 3 debt investments. Excludes investments on non-accrual status as of October 31, 2024. Figures are derived from the most recent financial statements from portfolio companies.
  6. Includes “last out” portions of first lien senior secured loans.
  7. Secured debt at the holding company level.
  8. Based on FTSE / DJ Industry Classification Benchmark (“ICB”) sector definition. Totals may not sum due to rounding.
  9. All figures are as of June 30, 2025 unless otherwise indicated. % of total portfolio shown above is measured as total fair value of investments.
  10. Other includes structured finance investments.
  11. Contractual rates on preferred equity investments may represent preference accruals that are not recognized through investment income of the fund and as such are not included in the calculation of yield. The fair value of these investments may be influenced by the stated preference accrual or a minimum return threshold.